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Client Testimonials

I have been using TurboTax for years but encountered an investment situation that TurboTax is not designed to handle. After searching the web for local CPAs/Accountants and chatting with a couple on the phone I was unable to find someone locally with sufficient experience in my particular situation with whom I felt comfortable. Deciding to broaden my search beyond my local area I discovered Gary's website and a detailed discussion with options pertinent to my situation. During a brief phone conversation, Gary answered all of my questions, explained how we would exchange information online and gave me an estimate for preparing my current tax return and an amended return. It was a pleasure working with Gary. He delivered everything he promised with no surprises.

The example below uses a residential piece of rental property. It ignores land and building segrgation, just to keep things simple. Residential rental property uses straight line depreciation with a 27.5 year life. So, every year you get to deduct 1/27.5th of the purchase price as depreciation.

An Example of Capital Gain calculation on the sale of Rental Property on Form 8825 and Schedule E

Let’s say you bought rental property 10 years ago and sold it today:

Purchase Price: $275,000.

Prior Depreciation: $100,000 [($275,000/27.5 years) x 10 years].

Sales Price: $275,000. You broke even right? Not for IRS tax purposes.

I’m a Form 8825 CPA with a virtual office to serve you where ever you live. I have dozens of posts on this website on Form 8825 and Schedule E topics. I have extended family that own rental property. So I have to keep current with changing tax regs. We offer a free phone consult. (910) 399-2705.

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Yes, we do tax returns.

It doesn't matter where you're located. Our virtual office accommodates long-distance and international clients. If you don't have a local CPA, distance isn't an issue. For a free phone consult, on most tax issues, call us at (910) 399-2705.